With a market value of $28.68 billion, Cardano (ADA) has claimed 9th position in cryptocurrency market cap, surpassing Avalanche (AVAX). Despite recent influxes into its ecosystem, the coin beat Avalanche’s $22.28 billion to take the title of 9th largest coin.
As the value of Cardano’s ecosystem has skyrocketed, money is pouring in as well. From about $1.7 million in mid-January to a current total locked-in value (TVL) of just under $315 million – or an increase of 18420%.
The Cardano team has entered the third phase of construction, a process known as Basho, the next era of the Cardano after Alonzo. Cardano plans to release Hydra, a collection of Layer 2 solutions, as part of this phase. At this stage, Basho will update Cardano’s security and scalability.
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The first Hydra heads have opened on the Cardano public testnet, and it’s an exciting moment for this scaling journey. As a result, the protocol can be vital in ensuring that there are no issues on the way to a fully decentralized network.
Cardano price action and ecosystem influx
The Cardano ecosystem is thriving with new funds, attracting nearly $150 million in March alone. With the increase in total value at over $314.87 million from about $168.95 million, big things are expected for this crypto project.
ADA is currently trading above $0.85 with gains of 2% | Source: ADA/USD chart of Tradingview.com
Cardano’s TVL is up more than 80% in just two weeks. And it’s currently worth $225.9 million not counting the deployed governance assets. The increase was noted from February 28 through March 16, when the number jumped from $150 million to $314.87 million.
The Cardano Minswap has seen a rise in total value locked (TVL) in the past week, with 121% more incarcerated than before. Cardano Minswap became the main protocol by flipping the SundaeSwap. The majority of the funds on this network are now on the decentralized Minswap platform – with $115 million currently locked.
Even as Cardano (ADA) continues to make progress, price has not caught up. The coin made a downward journey after reaching its ATH of $3.10 in September 2021.
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Cardano price is down nearly 75% from its all-time high of $3.10 and is currently trading at $0.85 per coin. However, USD 0.85 remains a key resistance point. Because if investors can stay above that price level, they will see their investment soar towards testing another pivotal $0.9 milestone.
Though Cardano is far from back to its old $1 price. As investor sentiment remains negative and the current market favors sellers.
Featured image from Pixabay, chart from Tradingview.com